Andrew J. Hawkins
Rivian’s stock lost half its value because of a ‘miscommunication.”
Bloomberg has the details behind the EV company’s recent decision to slash its production forecast, sending its stock price plummeting. Apparently somebody at the company sent the wrong order for copper wiring.
The carmaker miscalculated when communicating supply and demand needs with Essex, Rivian’s sole supplier of what are essentially copper wires that carry the electric current inside the EV motors, said the people, who asked not to be identified discussing the confidential matter.
By the time they caught the mistake, Essex had already committed to supplying other customers. Always triple-check those emails, folks!
